Export Development Act

Marginal note:Purposes

• 10 (1) The Corporation is established for the purposes of

  • (a) supporting and developing, directly or indirectly, domestic business, at the request of the Minister and the Minister of Finance for a period specified by those Ministers;

  • (b) supporting and developing, directly or indirectly, Canada’s export trade and Canadian capacity to engage in that trade and to respond to international business opportunities; and

  • (c) providing, directly or indirectly, development financing and other forms of development support in a manner that is consistent with Canada’s international development priorities.

• Marginal note:Publication in Canada Gazette

  (1.01) As soon as feasible after a request is made under paragraph (1)(a), the Minister shall publish in the Canada Gazette a notice of that fact as well as the dates on which the period to which the request relates begins and ends.

• Marginal note:Complementary to commercial products and services

  (1.02) The Corporation shall carry out its purposes, with regard to domestic business, in a manner that complements the products and services available from commercial financial institutions and commercial insurance providers.

• Marginal note:Powers

  (1.1) Subject to any regulations that may be made under subsection (6), in carrying out its purposes under subsection (1), the Corporation may

  • (a) acquire and dispose of any interest in any property by any means;

  • (b) enter into any arrangement that has the effect of providing, to any person, any insurance, reinsurance, indemnity or guarantee;

  • (c) enter into any arrangement that has the effect of extending credit to any person or providing an undertaking to pay money to any person;

  • (d) take any security interest in any property;

  • (e) prepare, compile, publish and distribute information and provide consulting services;

  • (f) procure the incorporation, dissolution or amalgamation of subsidiaries;

  • (g) acquire and dispose of any interest in any entity by any means;

  • (h) make any investment or enter into any transaction, including any transaction whose object is the management of portfolio risks, that is necessary or desirable for the financial management of the Corporation;

  • (i) act as agent for any person or authorize any person to act as agent for the Corporation;

  • (j) take such steps and do all such things as to it appear necessary or desirable to protect the interests of the Corporation; and

  • (k) generally, do all such other things as are incidental or conducive to the exercise of its powers, the performance of its functions and the conduct of its business.

• Marginal note:Use of services and facilities of departments, etc.

  (2) In exercising its powers under this Act, the Corporation shall, where appropriate, make use of the services and facilities of departments, boards and agencies of the Government of Canada.

• Marginal note:Limit of liability

  (3) Subject to subsection (4), the contingent liability of the Corporation in respect of the principal amount owing under all outstanding arrangements entered into under paragraph (1.1)(b) shall at no time exceed

  • (a) for the period beginning on the day on which this subsection comes into force and ending on September 30, 2020, the amount that the Minister of Finance determines during that period, or, if that Minister redetermines the amount during that period, the most recently determined amount; and

  • (b) on and after October 1, 2020, an amount equal to the amount determined by the Minister of Finance under paragraph (a), or, if that Minister redetermined the amount under that paragraph, an amount equal to the last amount so determined.

• Marginal note:Publication in Canada Gazette

  (3.1) As soon as feasible after determining or redetermining an amount under paragraph (3)(a), the Minister of Finance shall publish a notice of that amount in the Canada Gazette.

• Marginal note:Exclusion

  (4) The amount of the contingent liability referred to in subsection (3) that the Corporation has insured or reinsured or with respect to which the Corporation has a right, by agreement, to be indemnified shall not be taken into account in calculating the contingent liability under that subsection.

• Marginal note:Minister of Finance may prescribe conditions

  (5) The Corporation shall, in exercising the powers conferred on it by paragraph (1.1)(h), comply with such conditions of general application as the Minister of Finance may prescribe.

• Marginal note:Regulations

  (6) The Governor in Council may, on the recommendation of the Minister and the Minister of Finance, make regulations governing

  • (a) the disposal by sale or lease of property acquired by the Corporation for the purpose of such disposal;

  • (b) the entering into by the Corporation of arrangements that

    • (i) have the effect of

      • (A) providing, to any person, any insurance, reinsurance, indemnity or guarantee,

      • (B) extending credit to any person, or

      • (C) providing an undertaking to pay money to any person, and

    • (ii) are made in respect of transactions not relating, directly or indirectly, to the carrying on of business or other activities outside Canada;

  • (c) the entering into by the Corporation of arrangements that have the effect of extending credit to a person in respect of the acquisition by that person of any interest, other than a security interest, in any entity;

  • (d) the entering into by the Corporation of arrangements that have the effect of providing to a person any insurance, indemnity or guarantee, in respect of the financing, by that person, of an acquisition by another person of any interest, other than a security interest, in any entity;

  • (e) the provision by the Corporation of consulting services on a fee basis; and

  • (f) the acquisition by the Corporation of any interest, other than a security interest or an interest resulting from the realization of a security interest, in any entity.

• Marginal note:Approval

  (7) For greater certainty, the regulations made pursuant to subsection (6) may specify that certain transactions or classes of transactions of the Corporation require the approval of the Minister, the Minister jointly with the Minister of Finance, or the Governor in Council and, where so specified, the Minister, the Minister jointly with the Minister of Finance, or the Governor in Council is authorized to give that approval.

• Marginal note:Publication of proposed regulations

  (8) Subject to subsection (9), the Minister shall cause to be published in the Canada Gazette at least sixty days before the proposed effective date thereof a copy of every regulation that the Governor in Council proposes to make under this Act and a reasonable opportunity shall be afforded to interested persons to make representations with respect thereto.

• Marginal note:Exceptions

  (9) The Minister is not required to cause to be published a proposed regulation if the proposed regulation

  • (a) has been published pursuant to subsection (8) whether or not it has been amended as a result of representations made by interested persons as provided in that subsection; or

  • (b) in the opinion of the Minister, makes no material substantive change in an existing regulation.